The Dow Jones Industrial Average closed at 27,071.42 on Tuesday with a loss of 19.30 points or -0.07%. The S&P 500 closed at 3,036.89 for a loss of 2.53 points or -0.08%. The Nasdaq Composite closed at 8,276.85 for a loss of 49.13 points or -0.59%. The VIX Volatility Index was higher at 13.18 for a gain of 0.070 points or 0.53%.
Tuesday’s market movers
U.S. indexes closed lower Tuesday after a four-day rally that included a new record closing high for the S&P 500. Investors traded cautiously Tuesday as the Federal Reserve began its two-day October monetary policy meeting.
Earnings continued to top headlines. Alphabet’s stock was down more than 2% after reporting some disappointing results Monday. Tuesday’s earnings calendar included the following:
- Merck (MRK, Financial): Revenue of $12.4 billion increased 14.9% year over year and beat estimates by $810 million. Third-quarter GAAP earnings of 74 cents per share missed estimates by 22 cents and non-GAAP earnings per share of $1.51 beat estimates by 27 cents.
- Pfizer (PFE, Financial): Revenue of $12.68 billion decreased 9.0% year over year and beat estimates by $310 million. Third-quarter GAAP earnings of $1.36 per share beat estimates by 96 cents and non-GAAP earnings per share of 75 cents beat estimates by 13 cents.
- ConocoPhillips (COP, Financial): Revenue of $7.76 billion decreased 17.9% year over year and missed estimates by $200 million. Third-quarter GAAP earnings of $2.74 per share beat estimates by $2 and non-GAAP earnings of 82 cents beat estimates by 8 cents per share.
- Diebold Nixdorf (DBD, Financial): Reported a loss of 6 cents per share, missing estimates by 30 cents.
- Mastercard (MA, Financial): Reported earnings of $2.15 per share, beating estimates by 14 cents.
- General Motors (GM, Financial): Reported earnings of $1.72, beating estimates by 54 cents.
Economic reports affecting market trading included the following:
- The S&P/Case-Shiller Home Price Index was unchanged in August. Year over year, the Index increased 2%.
- Pending home sales increased 1.5% in September and 3.9% year over year.
- The Conference Board’s Consumer Confidence Index decreased to 125.9 in October from 126.3.
In the S&P 500, technology led losses and health care led gains. In the S&P 100, the following stocks led losses and gains:
- Alphabet A (GOOGL, Financial) -2.29%
- Alphabet C (GOOG, Financial) -2.22%
- Apple (AAPL, Financial) -2.11%
- Lowe's (LOW, Financial) -2.07%
- NVIDIA (NVDA, Financial) -1.9%
- Qualcomm (QCOM) -1.87%
- General Motors (GM, Financial) 4.45%
- Merck (MRK, Financial) 3.28%
- ConocoPhillips (COP, Financial) 2.56%
- Pfizer (PFE, Financial) 2.43%
- UnitedHealth Group (UNH) 2.01%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,577.07 for a gain of 5.14 points or 0.33%. The S&P 600 closed at 980.36 for a gain of 3.82 points or 0.39%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,998.76 for a gain of 16.96 points or 0.17%. The Dow Jones U.S. Small-Cap Value Index closed at 9,723.62 for a gain of 46.40 points or 0.48%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,975.24 for a gain of 4.63 points or 0.23%; the S&P 100 at 1,345.85 for a loss of 4.72 points or -0.35%; the Nasdaq 100 at 8,047.51 for a loss of 63.16 points or -0.78%; the Russell 3000 at 1,779.62 for a loss of 1.03 points or -0.058%; the Russell 1000 at 1,677.41 for a loss of 1.42 points or -0.085%; the Wilshire 5000 at 31,064.81 for a loss of 28.15 points or -0.091%; and the Dow Jones U.S. Select Dividend Index at 736.08 for a gain of 1.67 points or 0.23%.
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